Prime Medicine (NYSE:PRME) Sets New 1-Year Low at $4.32

Prime Medicine, Inc. (NYSE:PRME) hit a new 52-week low on Thursday . The stock traded as low as $4.32 and last traded at $4.50, with a volume of 130514 shares. The stock had previously closed at $4.70.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on PRME. Chardan Capital assumed coverage on Prime Medicine in a report on Monday. They issued a “buy” rating and a $17.00 price target for the company. Stifel Nicolaus downgraded shares of Prime Medicine from a “buy” rating to a “hold” rating and cut their price target for the stock from $18.00 to $9.00 in a report on Tuesday, January 16th. Wedbush reaffirmed an “outperform” rating and issued a $12.00 price objective on shares of Prime Medicine in a report on Tuesday. Guggenheim reduced their target price on shares of Prime Medicine from $24.00 to $20.00 and set a “buy” rating for the company in a report on Tuesday, March 5th. Finally, TD Cowen initiated coverage on shares of Prime Medicine in a report on Monday, April 8th. They set a “buy” rating for the company. One research analyst has rated the stock with a sell rating, three have given a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, Prime Medicine currently has an average rating of “Moderate Buy” and a consensus target price of $16.89.

Prime Medicine Price Performance

The business’s 50-day simple moving average is $7.02 and its 200-day simple moving average is $7.35. The company has a market cap of $519.69 million, a price-to-earnings ratio of -2.00 and a beta of 1.80.

Prime Medicine (NYSE:PRME) last posted its quarterly earnings data on Friday, March 1st. The company reported ($0.56) EPS for the quarter, missing analysts’ consensus estimates of ($0.48) by ($0.08). As a group, sell-side analysts forecast that Prime Medicine, Inc. will post -1.8 EPS for the current year.

Insider Buying and Selling at Prime Medicine

In related news, Director Robert Nelsen acquired 3,200,000 shares of the stock in a transaction dated Thursday, February 15th. The shares were acquired at an average price of $6.25 per share, for a total transaction of $20,000,000.00. Following the completion of the purchase, the director now owns 3,200,000 shares in the company, valued at approximately $20,000,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 24.29% of the stock is owned by corporate insiders.

Institutional Trading of Prime Medicine

Several large investors have recently made changes to their positions in PRME. Mirae Asset Global Investments Co. Ltd. boosted its position in Prime Medicine by 22.0% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 23,016 shares of the company’s stock worth $220,000 after acquiring an additional 4,145 shares during the last quarter. Green Alpha Advisors LLC increased its stake in shares of Prime Medicine by 14.2% in the 1st quarter. Green Alpha Advisors LLC now owns 33,738 shares of the company’s stock valued at $236,000 after purchasing an additional 4,200 shares during the last quarter. Chelsea Counsel Co. raised its holdings in shares of Prime Medicine by 733.3% during the 4th quarter. Chelsea Counsel Co. now owns 5,000 shares of the company’s stock worth $44,000 after buying an additional 4,400 shares in the last quarter. Oppenheimer & Co. Inc. lifted its position in shares of Prime Medicine by 40.0% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 21,537 shares of the company’s stock worth $205,000 after buying an additional 6,152 shares during the last quarter. Finally, SG Americas Securities LLC acquired a new stake in Prime Medicine in the fourth quarter valued at about $90,000. Institutional investors own 70.37% of the company’s stock.

Prime Medicine Company Profile

Prime Medicine, Inc, a biotechnology company, delivers genetic therapies to address the spectrum of diseases by deploying gene editing technology. The company offers Prime Editors with a Prime Editor protein, comprising a fusion between a Cas protein and a reverse transcriptase enzyme; and a pegRNA, which targets the Prime Editor to a specific genomic location and provides a template for making the desired edit to the target DNA sequence.